Ex-PBoC Governor: China Must Take Precautions Against Libra Trend

The former governor of the People’s Bank of China (PBoC) says “China should take precautions” against the trend represented by Facebook’s Libra cryptocurrency.

Twitter-based Chinese crypto news source CnLedger reported on Xiaochuan Zhou’s remarks on July 9.

Zhou notably served as PBoC governor between 2013 and 2018, a period which saw Beijing pursue its notorious onslaught of anti-crypto regulations — including the historic blanket criminalization of initial coin offerings (ICOs) and exchange crackdown.

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Chinese Central Bank Governor Defines STOs as ‘Illegal Financial Activity in China’

The People’s Bank of China (PBoC), the country’s central bank, highlighted the illegality of Security Token Offerings (STOs) in the country, English-language local news outlet South China Morning Post (SCMP) reports Dec. 9.

A deputy governor of China’s central bank, Pan Gongsheng, reportedly told a summit in Beijing “that ‘illegal’ financing activities through STOs and ICOs [Initial Coin Offerings]  were still rampant in the mainland despite a nationwide clean-up of the cryptocurrency market last year.”

Gongsheng also said that if the government had not stepped in,

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